$4,555 COLA Social Security payments going out this year

The final round of May Social Security payments are going out.

COLA Social Security pays up to $4,555 a month.

Who is eligible for these payments?

COLA SOCIAL SECURITY PAYMENTS: The good news continues and Social Security payments are still being delivered. Payments for up to $4,555 will go out every month through the end of the year.

Many people have been hurt by inflation and the high costs of basic household products since the beginning of the COVID-19 pandemic.

COLA Social Security payments up to $4,555

Photo: File/Shutterstock

According to CBS News, inflation is slowly declining, and a lower rate will result in a 2024 cost-of-living adjustment (COLA) that is substantially lower than the 8.7% increase in 2023. According to the Senior Citizens League it could be as little as 3.1%.

Meanwhile, there are still more monthly Social Security payments to be made this year. The payments of up to $4,555 will be distributed based on recipients’ birthdays, according to The Sun.